Intercept Pharmaceuticals, Inc. (ICPT) Downgraded by Wells Fargo & Company to Market Perform
Wells Fargo & Company lowered shares of Intercept Pharmaceuticals, Inc. (NASDAQ:ICPT) from an outperform rating to a market perform rating in a research note issued to investors on Thursday. They currently have $95.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $265.00.
Other equities research analysts also recently issued reports about the company. Cowen and Company reaffirmed a buy rating on shares of Intercept Pharmaceuticals in a report on Monday, June 12th. Credit Suisse Group set a $201.00 target price on Intercept Pharmaceuticals and gave the company a buy rating in a report on Saturday, June 3rd. BidaskClub raised Intercept Pharmaceuticals from a hold rating to a buy rating in a report on Friday, June 23rd. Jefferies Group LLC reaffirmed a buy rating and set a $275.00 target price on shares of Intercept Pharmaceuticals in a report on Sunday, July 30th. Finally, Zacks Investment Research raised Intercept Pharmaceuticals from a hold rating to a buy rating and set a $136.00 target price for the company in a report on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $174.37.
Shares of Intercept Pharmaceuticals (NASDAQ ICPT) traded down 14.48% on Thursday, reaching $63.03. 10,713,797 shares of the company traded hands. Intercept Pharmaceuticals has a 52-week low of $60.97 and a 52-week high of $172.95. The firm has a 50-day moving average of $106.75 and a 200-day moving average of $115.74. The company’s market capitalization is $1.58 billion.
Intercept Pharmaceuticals (NASDAQ:ICPT) last announced its earnings results on Monday, July 31st. The biopharmaceutical company reported ($3.46) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($3.62) by $0.16. Intercept Pharmaceuticals had a negative return on equity of 135.24% and a negative net margin of 543.35%. The business had revenue of $30.89 million during the quarter, compared to analysts’ expectations of $27.50 million. During the same quarter last year, the business posted ($3.14) earnings per share. The company’s quarterly revenue was up 459.6% on a year-over-year basis. On average, equities research analysts forecast that Intercept Pharmaceuticals will post ($13.91) earnings per share for the current fiscal year.
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In other news, insider Lisa Bright sold 253 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $111.31, for a total transaction of $28,161.43. Following the transaction, the insider now owns 23,324 shares of the company’s stock, valued at approximately $2,596,194.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark Pruzanski sold 1,434 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $121.78, for a total value of $174,632.52. Following the transaction, the chief executive officer now directly owns 570,284 shares in the company, valued at approximately $69,449,185.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,013 shares of company stock worth $6,198,747. Insiders own 9.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. increased its holdings in shares of Intercept Pharmaceuticals by 0.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,020 shares of the biopharmaceutical company’s stock valued at $229,000 after acquiring an additional 14 shares during the last quarter. Public Employees Retirement Association of Colorado increased its holdings in shares of Intercept Pharmaceuticals by 1.1% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 4,111 shares of the biopharmaceutical company’s stock valued at $498,000 after acquiring an additional 43 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Intercept Pharmaceuticals by 1.8% during the 2nd quarter. Janney Montgomery Scott LLC now owns 3,435 shares of the biopharmaceutical company’s stock valued at $416,000 after acquiring an additional 62 shares during the last quarter. WFG Advisors LP increased its holdings in shares of Intercept Pharmaceuticals by 16.4% during the 2nd quarter. WFG Advisors LP now owns 888 shares of the biopharmaceutical company’s stock valued at $108,000 after acquiring an additional 125 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Intercept Pharmaceuticals by 14.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,047 shares of the biopharmaceutical company’s stock valued at $118,000 after acquiring an additional 132 shares during the last quarter. 82.19% of the stock is currently owned by institutional investors and hedge funds.
About Intercept Pharmaceuticals
Intercept Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics to treat non-viral, progressive liver diseases. The Company’s product candidates have the potential to treat orphan and more prevalent diseases for which there are limited therapeutic solutions.
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